Stocks

Ether breaks above $3,400 as scaling solution Arbitrum One launches to public; bitcoin continues to trade sideways

Ether
ETHUSD,
+0.95%

broke above $3,400 on Tuesday for the first time since May, as the mainnet of Ethereum layer 2 scaling solution Arbitrum One, which aims to allow the network’s users to transact with lower fees, opens to the public. 

The world’s second-largest cryptocurrency was recently trading at $3,412, up more than 2% over the past 24 hours.

Meanwhile, bitcoin
BTCUSD,
+0.32%

was trading at $46,996 Tuesday evening, down about 2% during the past 24 hours. 

What are analysts saying about ether’s price?  

As ether tops the $3,400 barrier, it shows little resistance in its path toward a new all-time high, crypto analytics firm IntoTheBlock wrote in its Telegram channel. In May, ether peaked at $4,372.

“There’s one last level of on-chain resistance,” IntoTheBlock wrote. “Between $3,335 and $4,078, 1.67m addresses previously bought 3.61m Ether. Breaking that level is clear skies for ETH.” 

The long-term outlook is also bullish, according to Katie Stockton, founder and managing partner of Fairlead Strategies. “Long-term momentum is strengthening and trend following measures like the 200-day (~40-week) MA and weekly cloud are rising,” she wrote in Monday notes. 

What are analysts saying about bitcoin’s price? 

Despite that, bitcoin has been trading sideways, “once initial resistance is cleared, which we expect beyond the very near term, targeted resistance would become the all-time high near $69K-$70K,” Stockton wrote. 

Delphi Digital, a digital-asset research firm, wrote in its newsletter that the net positions of bitcoin HODLers, which usually refer to long-term holders, have seen a significant increase according to on-chain data. 

“A positive holder net position change reveals that long-term investors are net buyers at these levels. Generally, this is a fairly bullish signal for the medium term,” according to Delphi Digital.

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